When it comes to hospital cover, understanding your options is key. Gold, Silver, Bronze, and Basic policies each offer unique benefits. We explore them in a friendly and easy-to-understand manner, so you can make a choice that aligns with your needs.
In a nutshell:
- Gold – Top or full health insurance cover in a private hospital;
- Silver – Medium cover;
- Bronze – Low cover; and
- Basic – very little cover, if any.
Silver Plus, Bronze Plus and Basic Plus policies tend to cover at least one service more than normal Silver, Bronze or Basic policies. A summary of each is provided below.
Gold Policies: Comprehensive Health Companion
Gold policies provide extensive coverage in private hospitals. They’re tailored for individuals seeking a higher level of protection, which can be ideal for procedures like IVF, pregnancy, birth, cataract eye surgery, or joint replacements. Keep in mind that if cost management is a consideration, Gold may not be the most budget-friendly option.
Silver Policies: Balancing Act
Silver policies strike a balance for those without major health issues. They cover critical procedures like heart attack and cancer surgery, as well as plastic surgery following accidents or burns. It’s worth noting that Silver policies may not include psychiatric care, rehabilitation, IVF, pregnancy support, or specialized treatments.
Bronze Policies: Tax-Smart Back-Up Coverage
Bronze policies can be a smart choice for those seeking tax benefits. They offer back-up coverage for common situations like broken bones, flu, and diabetes treatment. Please be aware that insulin pumps, an important aspect of diabetes treatment, are typically covered in Gold or Silver Plus policies. However, if you require specialized treatments or specific surgeries, Bronze may not provide the level of coverage you need.
Basic Policies: Simple and Regional-Friendly
Basic policies cater to individuals in regional areas without private hospitals. They allow you to choose your treating doctor in a public hospital. However, Basic policies may not cover specialized treatments or procedures like stroke treatment, cancer surgery, or heart disease.
ExtrasJar: Simplifying the Process
At ExtrasJar, we aim to simplify the process by providing a clear overview of the clinical services covered by each policy. For example, our Bronze cover includes 21 of 38 Clinical Services, while Bronze Plus covers 24 of 38. Silver Everyday offers 29 of 38 Clinical Services, and Silver Plus impressively covers 34 of 38 Clinical Services. All our policies include ambulance services and access to Hospital Care Programs.
Tailoring Your Coverage
Consider starting with a higher level of coverage like Gold if you anticipate a specific procedure. As your needs evolve, you can always explore the option of downgrading to a Silver or Silver Plus policy.
Remember, If you have specific health needs, ask your doctor which Medicare item numbers your treatment falls under. Then you can easily clarify with your insurer if your new policy covers this.
Selecting the right hospital cover is a personal decision, and we’re here to provide you with information to help you make an informed choice. Whether you’re looking for comprehensive coverage, a balanced approach, a tax-smart option, or a regional-friendly plan, there’s a policy that may suit your unique needs. If you ever have questions or need further information, feel free to reach out. We’re here to assist you in navigating the world of hospital cover
The information in this article is general in nature as it has been prepared without taking account of your objectives, financial situation or needs. You should consider the relevant Product Disclosure Statement (PDS) & Target Market Determination, and obtain appropriate financial and taxation advice, before making a decision about whether ExtrasJar’s products are right for you.